State Codes and Statutes
Statutes > Virginia > Title-55 > Chapter-31 > 55-545-02§ 55-545.02. Spendthrift provision.
A. A spendthrift provision is valid only if it restrains both voluntary andinvoluntary transfer of a beneficiary's interest.
B. A term of a trust providing that the interest of a beneficiary is heldsubject to a "spendthrift trust," or words of similar import, is sufficientto restrain both voluntary and involuntary transfer of the beneficiary'sinterest.
C. A beneficiary may not transfer an interest in a trust in violation of avalid spendthrift provision and, except as otherwise provided in thisarticle, a creditor or assignee of the beneficiary may not reach the interestor a distribution by the trustee before its receipt by the beneficiary.
(2005, c. 935.)
